Evolve IP Completes Financing of $8.7 Million in Growth Capital

Capital funds continuing growth of leading Managed Technology Provider

PHILADELPHIA--()--Evolve IP , a leading Managed Technology Provider, today announced it has completed a financing of $8.7 million of growth capital. The capital is intended to further scale the Company’s operations in response to strong customer and market demand.

Since entering the marketplace in January 2008, Evolve IP has secured more than $48 million in contracted revenue. Over its first 30 months of offering managed technology services, Evolve IP has added more than 300 customers and now has more than 15,000 total users. The customer base includes businesses in 27 states and six countries, and represents a broad variety of industries, including the Legal, Banking, Travel, Commercial Real Estate, Healthcare, Retail, Government and Professional Services sectors.

“This financing is a testament to the hard work and dedication of our employees, who have been instrumental in the growth of our business,” says Thomas Gravina, Chairman, CEO and Co-Founder of Evolve IP. “The additional growth capital will allow us to continue to drive the industry forward with our managed voice, data, and security solutions. Our products allow clients to enjoy the latest technologies and services, without spending any upfront capital and at a lower total cost of ownership. We're seeing increasing market demand for hosted IP-PBX, unified communications applications, and information security and compliance solutions, which positions us very well for the future.”

Evolve IP’s managed technology services help businesses unify and simplify the technologies their employees use to communicate, including Managed Telephony, Managed Networks, Security & Compliance and Hosted Applications. Evolve IP’s suite of services can function as a complete outsourced solution, or be tailored to enhance a company’s existing communications system. Evolve IP’s services enable customers to replace multiple vendors with a single provider and reduce the operational and energy costs associated with on-premise solutions. Customers can also take advantage of Evolve IP’s network security, reliability and 24x7 professional network management. Evolve IP’s platform was engineered, and is supported by veterans from the telephony, data communications, Internet access and security industries.

Evolve IP has achieved several significant corporate milestones since closing its initial equity capital raise of $15.6 million in September 2007. In addition to its organic growth, Evolve IP has made important strategic acquisitions. In June 2008, the Company acquired Lyrio IP Technology Solutions, a provider of IP technology products and services; in March 2010, Evolve IP acquired certain assets of TeleQ Network Services, a provider of IT, communications and desktop integration services to small and mid-sized businesses.

ABOUT EVOLVE IP

Evolve IP is a Managed Technology Provider that is changing the way that organizations buy, manage, and secure their vital communications technologies. With a broad range of expertise and a suite of services that includes Managed Telephony, Hosted Applications, Managed Networks, and Security & Compliance, Evolve IP partners with businesses of all sizes to help them turn their vital communications technologies into a competitive advantage. Evolve IP enables organizations to simplify their cumbersome legacy infrastructure, improve network security and reliability, and increase employee productivity through feature-rich service offerings and significantly improved security and stability. More information about Evolve IP is available on the Web at http://www.EvolveIP.net.

This release contains forward-looking statements related to the financial performance Evolve IP. We have based these forward-looking statements on the Company's current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. In light of the risks and uncertainties inherent in the forward- looking statements, such statements should not be regarded as a representation by Evolve IP or any other person that the projected results, objectives or plans will be achieved. Evolve IP undertakes no obligation to revise or update the forward-looking statements to reflect events or circumstances after the date hereof.

Contacts

Evolve IP
Press contact:
Gregory FCA
Denise DiMeglio
Account Executive
610-642-8253, ext. 143
Denise@GregoryFCA.com

Release Summary

Evolve IP, a leading Managed Technology Provider, today announced it has completed a financing of $8.7 million of growth capital.

Contacts

Evolve IP
Press contact:
Gregory FCA
Denise DiMeglio
Account Executive
610-642-8253, ext. 143
Denise@GregoryFCA.com